opening session sponsored by:. welcome 2012 cfp board registered program conference opening session...

Opening SessionSponsored by:

Welcome

2012 CFP Board Registered Program Conference

Opening Session

Building for the Future: Engagement; Application; Assessment

Dr. Charles ChaffinCFP Board

August 9, 2012

New Registered Programs

University of Georgia (Ph.D. Housing & Consumer Economics with an

Emphasis in Family Financial Planning)

Louisiana State University (M.S. in Finance with a Specialization in Financial

Planning) (B.S. in Finance with a concentration in Financial

Planning)

University of Dallas (CFP® Certification Professional Education

Program)

University of Mary(Financial Services and Banking)

University of Mississippi Online Executive Certificate in Financial Planning)

University of Richmond (Online Executive Certificate in Financial Planning)

(e-Certificate in Financial Planning (Live Online))

University of Miami

(Masters Certificate in Financial Planning (Live Online))

University of Florida

(Personal & Family Financial Planning Program)

(B.S. Family, Youth & Community Sciences, Specialization: Personal &

Family Financial Management)

(M.S. Family, Youth & Community Sciences, Specialization: Personal &

Family Financial Management)

Wake Forest University

(e-Certificate in Financial Planning (Live Online))

(Online Executive Certificate in Financial Planning)

Utah Valley University

(B.S., Personal Financial Planning)

New Registered ProgramsWalsh College

(Personal Financial Planning Certificate Program (Undergraduate))

Olivet Nazarene University

(B.S., Economics/Finance with a Concentration in Certified Financial Planning)

California State University Northridge

(Bachelor of Science in Business Administration Option in Insurance and Financial Services-

Sequence in Financial Planning)

(Bachelor of Science Finance- Sequence in Financial Planning)

Indiana State University

(B.S. Finance with concentration in Financial Planning)

La Salle University

(Certificate in Financial Planning Web-Delivered)

(Online Executive Certificate in Financial Planning)

Richard Stockton College of New Jersey (The CFP® Certificate Education Program)

Saint Louis University

(B.S. Finance – Financial Planning Track)

Texas A&M - Commerce

(Masters Certificate in Financial Planning (Live Online))

(Online Executive Certificate in Financial Planning)

University of California – Los Angeles (Financial Planning Certificate)

University of Redlands

(Professional Financial Planning Certificate Program)

University of Texas at Dallas

(Masters Certificate in Financial Planning (Live Online))

(Online Executive Certificate in Financial Planning)

Western Kentucky University

(Online Executive Certificate in Financial Planning)

CFP Board Registered Programs

■ 109 baccalaureate

■ 175 certificate

■ 46 master’s

■ 6 doctoral

33 new programs currently in development

6

2012 CFP Board Registered Program Conference

Engagement Application Assessment

Engagement

■ Student Recruitment for all program types

■ Student retention

■ Engagement of the community of CFP® Practitioners

Application

■ Taking the learner from content to competency Student-centered instruction Learning objectives-learning experiences-

assessment

■ Moving beyond just a theoretical understanding

■ Taking the learner from “where they are” to a higher level of competency

■ Financial Plan Development Course

Assessment

■ How do you know they are learning?

■ What is the level of achievement of your students when they enter your program?

■ Where do you want them to be when they leave your program? Philosophy

Student-Centered Learning Objectives

based upon CFP Board Principal Topics (CFP Board, 2012)

What is it that you want your students to learn (and consequently demonstrate) at the end of

a course/unit of study?

Learning Objectives

■ They either learned it, or they didn’t How do you know if they did?

■ Focuses on student needs rather than teacher-centered

■ Defines context

■ Quantifiable

■ Provides guidance to the instructor regarding course construction/assessment

■ Provides guidance to the learner regarding course content/expectations

Learning ObjectivesFaculty Uses

■ Consistent with other requirements

■ Useful for adjunct faculty

■ Useful for faculty from a related field and may not have a background in financial planning

■ It is a starting point

With just a topic…

■ What happens in the classroom/online learning platform to facilitate “covering” the topic?

■ How will I assess student learning relative to the topic?

■ What kind of resources are needed to achieve the objective of covering the topic? Outside readings Examples from practice

With just a topic…

■ *How much time should I allocate in class towards this topic?

*Significant program sustainability issue

Provides Guidance to the Instructor

■ CFP Board only requires one course per say (Financial Plan Development Course)

■ All other topics can be configured in any way as long as there is a minimum of 270 contact hours

■ Example: Investments course could be 54 hours

*Knowing your student population will help determining some course lengths

Time Management

■ Evaluate the time necessary to meet a pre-determined learning outcome

■ Numerous options for implementation Hybrid/blended instruction Some courses/content areas may require more

or less student preparation time (more frequent class meetings to shorten window)

Degree- may leave more time to devote to experiential learning/related fields

Course Construction

Week Weekly Topic Learning Outcomes

Activities Required Readings

Assessments

1

2

3

4

5

Providing Guidance to the Instructor

16. Disability Income Insurance (individual)

a. Describe differences between short-term and long-term disability plans and identify the policy provisions that should be included in privately-purchased disability policies.

b. Create a plan for meeting individual disability income needs, in consideration of household financial resources, and existing coverage under employer plans, Social Security, and disability income insurance options.

c. Calculate the tax implications of paying for and receiving disability benefits.

Student-Centered Learning Objectives based upon CFP Board Principal Topics (2012)

Providing Guidance to the Instructor

■ Quality control notion for registered program Adjuncts Within a larger division/department/college

■ Philosophical notion within document What do you believe should be the outcome

relative to each topic and higher level learning?

Contributors

■ Dr. Vickie L. Bajtelsmit

■ Dr. Somnath Basu

■ Dr. Sharon Burns

■ Dr. John Grable, CFP®

■ Dr. Tom Warschauer, CFP®

■ Dr. Charles Chaffin

■ Comments from faculty from across the country

Financial Plan Development (capstone) course

Financial Plan Development (Capstone) course

Congratulations…and thank you.

Financial Plan Development (Capstone) course

■ An overwhelming majority of programs are utilizing more than one case in this course

■ There is less focus on the use of “mini-cases” in this course and courses leading up to the capstone Students begin to experience the process of

application of content

■ Beyond content, how can coursework prepare the learner for the FPDC?

Educational Sequencing

Macro Micro Macro

Educational SequencingFinancial Plan Development Course

Case/

Application

Exercise

Theoretical Content

Case/

Application

Exercise

Beyond CFP Board criteria…Some issues

■ Courses tend to be packed tightly Pacing may be too fast What if remediation is necessary?

The capstone course is the beginning…

■ Improvement for experienced professionals

■ Continuous learning and development for career changers and traditional students

■ Reflective Practice- taking ownership of one’s own learning through evaluation of previous experiences Reflecting upon oral communication Reflecting upon decision-making Informal peer assessment

Who is in your class?

■ Are you able to take them from where they are with regard to achievement to where you would like them to be? Practice experience Education Career objectives of the individual Objectives of the firm

■ You define “effectively” Experienced professionals may require more advanced

cases, experiences, assessment strategies

*The CFP Board required learning objectives leave room for important interpretation

Capstone course can impact the entire program…

■ Communication amongst faculty across the curriculum Determining strengths and deficiencies relative

to the previous coursework Program evaluation

■ Working backwards from capstone course to entire program of study

Financial Plan Development (capstone) course

Assessment

Assessment

■ Define each portion of the rubric Feedback to the learner Consistency if using multiple evaluators More qualitative feedback to the learner

■ In your rubric, are you assessing for each of the CFP Board required learning objectives? NOTE: LO #7 can be assessed through other

avenues and not the rubric- Apply the CFP Board Financial Planning Practice

Standards to the financial planning process.

- You need to show evidence in your syllabi that you are assessing for all seven learning objectives

Assessment

■ Is the oral/written components of the comprehensive financial plan at the end of the course the ONLY assessment instrument? “I had no idea I was failing this class.”

■ Can you assess as they develop the case? Offering feedback as they develop Offering structure so the learner completes the plan

on time

■ The comprehensive presentation should still be the primary assessment instrument

Program Sustainability

CFP Board Registered Programs

■ Illustrating the value of your program Defining competencies/outcomes Induction into the profession of financial

planning Induction into becoming a CFP® Professional

■ How big is your program’s “footprint?” Recent graduates Engagement with practice Building community (classroom-based or

distance)

CFP Board Registered Programs

■ How are you differentiating your program from others? Accessibility Price Delivery method (population preference)

CFP Board Registered Programs

Flexibility for Innovation

■ Teaching methods

■ Content beyond minimum requirements

■ Experiential opportunities beyond the classroom/online learning platform

■ Relationships with practice Prospective students for program Prospective employers for graduates

Program Sustainability

■ Course sequence can impact student retention significantly Subject matter Faculty

■ Where is your data regarding student retention? Analysis to determine retention “drop-off points”

■ Know your student profiles (certificate programs) Could help to determine course sequence

■ Define your track and make explicit A major advising challenge for concentrations

Certificate Program X

■ Each of the six classes met for 12 weeks Once per week 4-6 week gap between each course 21 months Enrollment had declined

Certificate Program X

■ Faculty schedules When can everyone teach?

■ Should we offer classes once or twice per week?

■ How long does it take to facilitate students meeting our outcomes (Student-Centered Learning

Objectives based upon CFP Board Principal Topics, 2012)?

Certificate Program X

■ Should we offer hybrid instruction? Opportunities for students to engage in online

learning between class meetings- Discussion boards

- Online lectures (synchronous or asynchronous)

Will your faculty use appropriately? Can you help them learn to use it appropriately?

■ Do you know your students? Admissions/Student profiles Exit and entrance surveys

Is there a Market for Remediation for your population?

■ Attract more career changers through formal remediation strategies A course designed as induction into program

before entering full student cohort Exit exam before cohort entrance

Degree Programs

■ Significant challenge for concentrations Advising Marketing the program across the

division/department/college Tracking enrollment

■ Engaging the community Speakers to talk about CFP® designation Sponsors for FPA student chapter Employers Employers to help assess capstone course

Degree Programs

■ Initiatives across the country for programs to offer online learning at baccalaureate and graduate level An enrollment opportunity for CFP Board

Registered Programs

Online Learning

Ways to help faculty move to online learning

■ Immerse faculty in the online learning environment Unknown entity Provide access for them to engage it on their

own time

■ Allow faculty to take an online/blended course as a student in any discipline Experience from the perspective of the student Experience the capabilities of online/blended

learning

Ways to help faculty move to online/hybrid instruction

■ Shared problem solving with other faculty in your program Helping one another by sharing successes and

solving problems Online meetings or asynchronous discussion

boards are ideal

Program Sustainability

■ “Do you know where your program objectives are?” If so, are they embedded within the program? Building relationships through refinement of

program objectives- Faculty from across departments

- Program advisory groups

■ Induction of new faculty (instructors, adjuncts) Have them teach from YOUR syllabus the first

time, then discuss potential revisions

Annual Renewals

Annual Renewal as Advocacy Instrument

■ This is not merely an administrative exercise

■ Review letter Intended to highlight strengths of program Offer suggestions relative to areas for

improvement

■ When programs do not meet CFP Board criteria Collaborative process Happy to offer suggestions for meeting

requirements or increasing student achievement and/or enrollment

Annual Renewals

■ Simplified process for 2012 Pre-populated forms Terms and Conditions document Submit electronically or via U.S. Mail Submit anytime up to deadline

■ More transparency and explanations regarding requirements www.CFP.net/RegisteredPrograms

Registered Program Renewal

■ All programs must renew annually

■ A month before the renewal date, each program will receive a pre-populated application filled in with the information submitted last year.

■ Steps to complete renewal: Update information on pre-populated application Attach syllabi for all courses Fill out the 78-Topic List Attach curriculum vita for new professors Renewal fee

Renewal Status

Renewal Status

■ Each of these statuses will be accompanied by an email stating the status and the effect that it has on the Registered Program

■ Extension requests of up to seven days will be evaluated on a case by case basis Zero rejections of initial extension requests to

date

■ Engagement is key

Education Verifications

CFP Board Education Verification System

■ An expedient avenue for partner institutions to submit eligibility lists

■ Quality control with regard to accuracy of data

■ Effective communication avenue to student regarding status of eligibility list upload

■ Enforcement of CFP Board Education requirements

CFP Board Education Verification System

■ Registered programs are submitting eligibility lists of students directly through new system

■ Students will not have to register for the exam first in order for names to be captured by CFP Board

■ Students who have completed the capstone course only (challenge status) will also need to be submitted by the institution New form available online specific to students

who only completed capstone course

CFP Board Education Verification System

CFP Board Education Verification System

■ Optional forms at www.CFP.net/RegisteredPrograms Student info forms

CFP Board Education Verification System

■ A username and password for primary contact and program director Flexibility regarding who from your program

should have access

■ www.CFP.net/RegisteredPrograms

■ A recording of the December 2011 webinar announcing process is available on webpage

■ Significant feedback regarding new system

Financial Planning Challenge

■ Engagement of students and faculty in the financial planning process

■ A case with two clients and the student must present a comprehensive financial plan Financial Planning Case Study (Written) Financial Planning Case Study (Oral) “How Do You Know Challenge?”

www.CFP.net/RegisteredPrograms

Financial Planning Challenge

Opportunity to highlight components of the learning process

■ Case Study

■ Assessment Rubric

www.CFP.net/RegisteredPrograms

2012 Financial Planning Challenge Finalists

■ Colorado State University

■ Kansas State University

■ Shepherd University

■ Virginia Tech 1

■ Virginia Tech 2

■ Virginia Tech 3

■ Texas Tech University

■ Virginia Commonwealth University

Financial Planning Competency Handbook

Financial Planning Competency Handbook

Objectives

■ To outline the subject areas that financial planners need to KNOW

■ To outline the items that planners DO

Intended Audience

■ Practitioners

■ Students enrolled in CFP Board Registered Programs

■ Faculty within CFP Board Registered Programs

■ Practitioners and students in related fields

Financial Planning Competency Handbook

■ Section One- the 78 topics Connections diagram

- Linking the topic to other content areas across the curriculum

Introduction- Background information on topic

- Historical perspective on topic

Learning Objectives- Student-centered Learning objectives based

upon CFP Board Principal Topics

- Background information regarding many of the learning objectives

Financial Planning Competency Handbook

Section One (continued)

■ Bloom’s Taxonomy (1956, 2001) Illustration of the learning activities and assessment

instruments for facilitating higher order cognitive thinking

Classroom-based and online learning platforms For each of the 78 topics

■ Professional Practice Capabilities A description of what individuals in practice should

be able to relative to the given topic Novice, competent, expert Dreyfus & Dreyfus model of skill acquisition (1980)

Financial Planning Competency Handbook

■ Vignettes Outlines the contexts in which these topics are

used in practice What the financial planner would do in practice

without getting into calculations Names and contexts that represent diversity

Financial Planning Competency Handbook

Section Two

What planners “DO” (Domains)

■ Definition

■ Purpose

■ Techniques

■ Contexts

Financial Planning Competency Handbook

Publication Date: Spring 2013

Public Awareness Campaign Toolkit

Increasing public awareness is central to CFP Board’s mission. In November 2010, CFP Board’s Board of Directors authorized the organization to proceed with a multi-year public awareness campaign to raise the awareness of CFP® certification. The campaign includes a toolkit of resources that CFP® professionals can use in their local communities to extend the reach of the campaign, and updates from CFP Board on the progress of the campaign.

The link to the toolkit is http://www.cfp.net/publicawareness/default.asp.

Marketing Materials

■ Digital Copies available on flash drive and at www.CFP.net/RegisteredPrograms

Resources

Information and Resources:

www.CFP.net/RegisteredPrograms

Sample Exam Items:

http://www.cfp.net/become/examquestions.asp.

Communicate:

LinkedIn subgroup for Registered Program

Directors and Faculty

http://bit.ly/RPLnkd.